American Airlines posts third straight quarterly loss
Reuters
Published Oct 22, 2020 07:04AM ET
Updated Oct 22, 2020 07:15AM ET
(Reuters) - American Airlines Group Inc (O:AAL) reported a third straight quarterly loss on Thursday, hurt by a slump in travel globally due to the COVID-19 pandemic.
The company said its third-quarter cash burn rate was about $44 million per day, compared with about $58 million a day in the second quarter.
The airline industry, hard-hit by the virus outbreak has so far failed to secure another $25 billion bailout to help protect jobs and cover payroll costs.
The company posted a net loss of $2.40 billion, or $4.71 per share, in the third quarter ended Sept. 30, compared with a profit of $425 million, or 96 cents per share, a year earlier.
On an adjusted basis, the company lost $5.54 per share. Total operating revenue fell to $3.17 billion from $11.91 billion.
American Airlines ended the third quarter with $13.6 billion in available liquidity.
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Written By: Reuters
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